Jan. 8 (Bloomberg) -- California Treasurer Bill Lockyer is
expanding his proposal to have the state’s pension funds divest
holdings in firearms manufacturers to include companies that
make high-capacity ammunition clips.

Lockyer last month proposed that the California Public
Employees’ Retirement System or Calpers, the biggest U.S.
pension, and the California State Teachers’ Retirement System ,
known as Calstrs, sell their investments in any gunmaker that
produces weapons that are banned in California.

Lockyer is expanding his proposal to include high-capacity
magazines that are also banned under state law, said a
spokesman, Tom Dresslar, in a statement.

The treasurer, who is a member of the boards of both
pension funds, called last month for Calstrs, with $155 billion
of assets, to sell its stake in Cerberus Capital Management LP.
The private-equity firm owns Freedom Group Inc., the maker of
the Bushmaster AR-15 rifle that police said was the primary
weapon in the Dec. 14 killings of 20 children and six adults at
Sandy Hook Elementary School in Newtown, Connecticut.

The mass shooting, the second deadliest in U.S. history,
ignited a national debate over gun control and stricter bans on
semiautomatic rifles, such as the AR-15. California prohibits
assault weapons, specifically including the Bushmaster, and
magazines that can hold more than 10 rounds.